Consumer lending startup MoneyTap on Monday said it has raised ₹500 crore in a Series B funding round led by Aquiline Technology Growth (ATG), RTP Global and Sequoia India. MoneyTap offers customers easy access to credit via a mobile app and is largely aimed at working professionals. The startup offers credit in the form of a ‘credit-line’ with an option to secure a predetermined un-collateralized loan instantly. MoneyTap is one of the growing number of tech startups that are using alternative credit scores to underwrite borrowers. Banks usually depend on credit scores supplied by credit bureaus to underwrite loan applications, but the scores may not always portray an accurate indicator of a borrower’s creditworthiness.

Source: Mint January 27, 2020 17:37 UTC